New homes insurance is an option for homeowners who are building a home or renovating an existing house. You can save money when you buy a new house and also be protected from any unexpected losses or damages.
When it comes to insuring new construction, there are several different policies to consider. New homeowner insurance covers the building and any belongings inside the property. A second option is "building insurance." It covers damages to the materials used to build the structure, both on-site and off-site. Coverage may be included for other structures on the property such as fencing and outbuildings.
When you find the perfect place to build, start shopping around for new home insurance. This will let you find the best insurer and save money.
A policy of this type will cover losses to any property you own, such personal belongings as appliances, clothing, furniture or electronics. This policy will provide liability coverage to cover medical costs in the event that someone is injured at your home or business. It will also cover losses due to vandalism and theft.
Insurance costs for a new building will vary depending on what type of construction you are planning and the amount you intend to spend. Some companies offer discounts if you install certain devices and systems in your new home that help to prevent fires or break-ins. Use of roofs that are made with stronger and durable materials may also result in discounts.
A separate policy can be purchased to cover damages caused by the weather or construction. This coverage can also be called "builders insurance." Purchase it before work begins and convert it to standard homeowners' insurance once the project is finished.
Insurance for a newly-built home is typically cheaper than insurance for an older house because the newer home is less prone to damage. This is due to the fact that newly built homes are made with new materials, which are less likely than older homes to require repair or break down. Insurance companies therefore feel more comfortable in offering coverage for a lower price.
A homeowners insurance policy will not cover contents, liability, or loss of use for a newly constructed home. However, some policies do have an add-on that will allow you to insure all your personal belongings and other items within the home under the same policy.
Some new build homes have extras included with their home insurance, such as a water-detecting system that can shut off the water supply if there is a leak in the plumbing. This can save you from costly claims in the long run, as water is a major cause of home damage and can be very expensive to repair.